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{
\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}
\begin{tabular}{l*{8}{l}} \hline\hline
& \multicolumn{4}{l}{United States} & Northeast & Midwest & South & West \\ \cmidrule(l){2-5} \cmidrule(l){6-9}

& \multicolumn{1}{c}{mean} & \multicolumn{1}{c}{mean + 1 sd} & \multicolumn{1}{c}{\emph{exp($\beta$)}} & \multicolumn{1}{c}{\emph{$\beta$}} & \multicolumn{1}{c}{\emph{$\beta$}} & \multicolumn{1}{c}{\emph{$\beta$}} & \multicolumn{1}{c}{\emph{$\beta$}} & \multicolumn{1}{c}{\emph{$\beta$}} \\ \hline

\multicolumn{9}{l}{}\\
\multicolumn{9}{l}{\emph{Continuous variables (Marginal effect of 1 SD increase from the mean):}} \\

\hspace{5mm} Put option&2.504&38.15&3.041&1.112\sym{***}&1.478\sym{***}&1.276\sym{***}&0.978\sym{***}&1.163\sym{***}\\
\hspace{5mm} Call option&8.418&45.059&1.83&0.604\sym{***}&1.033\sym{***}&0.736\sym{***}&0.658\sym{***}&0.5\sym{***}\\
\hspace{5mm} LTV &80.783&95.484&1.073&0.071\sym{***}&-0.082\sym{***}&-0.24\sym{***}&0.024\sym{**}&0.139\sym{***}\\
\hspace{5mm} Income (\$10,000s)&11.656&20.148&1.05&0.049\sym{***}&-0.01&0.002&0.053\sym{***}&0.07\sym{***}\\
\hspace{5mm} Asian segregation&44.847&51.059&1.075&0.072\sym{***}&0.002&-0.03\sym{*}&0.137\sym{***}&0.014\sym{*}\\
\hspace{5mm} Hispanic segregation&49.569&59.137&1.025&0.024\sym{**}&0.154\sym{***}&0.05\sym{***}&-0.112\sym{***}&-0.004\\
\hspace{5mm} Black segregation&60.85&71.954&0.886&-0.121\sym{***}&-0.241\sym{***}&-0.174\sym{***}&-0.015&0.001\\

\multicolumn{9}{l}{}\\
\multicolumn{9}{l}{\emph{Categorical variables:}} \\

\hspace{5mm} ARM indicator&&&1.49&0.399\sym{***}&0.285\sym{***}&0.203\sym{***}&0.383\sym{***}&0.473\sym{***}\\
\hspace{5mm} Hispanic to white&&&1.257&0.229\sym{***}&0.323\sym{***}&0.281\sym{***}&0.277\sym{***}&0.233\sym{***}\\
\hspace{5mm} High cost loan indicator&&&1.296&0.259\sym{***}&0.347\sym{***}&0.215\sym{***}&0.234\sym{***}&0.306\sym{***}\\
\hspace{5mm} Purchase to refinance&&&1.265&0.235\sym{***}&0.1\sym{***}&0.253\sym{***}&0.269\sym{***}&0.226\sym{***}\\
\hspace{5mm} Black to white&&&1.038&0.037\sym{*}&0.211\sym{***}&0.21\sym{***}&0.029&-0.045\sym{*}\\
\hspace{5mm} PTI $>$ 31\% indicator&&&1.024&0.023&0.057\sym{*}&0.068\sym{**}&0.019&-0.004\\
\hspace{5mm} Modification indicator&&&0.901&-0.104\sym{***}&-0.223\sym{***}&0.126\sym{***}&0.025&-0.248\sym{***}\\
\hspace{5mm} FICO $>=$ 720 to FICO $<$ 620&&&0.563&-0.575\sym{***}&-0.401\sym{***}&-0.675\sym{***}&-0.513\sym{***}&-0.553\sym{***}\\

\hline\hline
\multicolumn{9}{l}{\footnotesize \sym{*} \(p<0.05\), \sym{**} \(p<0.01\), \sym{***} \(p<0.001\)}\\
\end{tabular}
}
